The half-day session initiated by SC's educational arm Securities Industry Development Centre focussed on the role and function of the Securities Commission, its business plan for 1995 - 1997 and recent developments of the capital markets with particular emphasis on the new guidelines on Infrastructure Project Companies.

More than 25 directors from private limited and listed companies attended the dialogue headed by MID President Tan Sri Khir Johari and his Executive Committee.

In his opening remarks, SC Chairman Dato Dr Munir Abdul Majid said, "In the interest of the development of the country, SC believes that dialogues with industry groups like the MID will help underscore the importance of corporate governance.

"Being directors of a company is not just a privilege but there are responsibilities that go with it.

"The rapid development of the capital markets in Malaysia, particularly with the introduction of derivatives, has given rise to more onerous responsibilities of directors. The soon to be gazetted amendments to the Securities Commission Act 1993 will see substantial provisions indicating clear areas of responsibilities of directors." said Dato' Dr Munir.

Tan Sri Khir in thanking the SC said, "SC and MID should get together more often as both have a common objective of educating and training people responsible for the management of companies, listed or otherwise."

"It is hoped that such a meeting among the two organisations will not only foster better relationship between market participants and the regulator but will also expose directors to important issues such as structured financing and raising funds at the cheapest cost," he added.

The dialogue session ended with both SIDC and MID agreeing to cooperate jointly and organise the setting up specialised courses and seminars for both MID members and directors at large.